Identify the statement below that is true regarding the Allowance for Doubtful Accounts account.
A. The account has a normal debit balance and is reported on the income statement.
B. The account has a normal credit balance and is reported on the income statement.
C. The account has a normal credit balance and is reported on the balance sheet.
D. The account has a normal debit balance and is reported on the balance sheet.
Answer: C
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